Business planning. The need for a business plan for a manager and entrepreneur (the most important)

Lecture notes, cheat sheets
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Business planning. The need for a business plan for a manager and entrepreneur (the most important)

Lecture notes, cheat sheets

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5. THE NEED OF A BUSINESS PLAN FOR THE MANAGER AND ENTREPRENEUR

A business plan can be called the basis for managing not only a commercial or investment project, but also the enterprise itself. A correctly drawn up business plan gives a perspective for the development of the company and answers the main question: is it worth investing in this business, will the business bring the income that will pay off the effort and money spent?

Thanks to the business plan, management has the opportunity to look at their own enterprise as if from the outside. The very process of developing a business plan, which includes a detailed analysis of economic and organizational issues, makes you mobilize.

The degree of participation of the head in the preparation of the business plan important. On the other hand, consultants have knowledge of the most appropriate methodologies for preparing a business plan.

The business plan is also designed to help the leader solve the following main tasks related to the functioning of the company:

▪ determine specific areas of activity, promising markets and the company’s place in these markets;

▪ estimate the costs required for the manufacture and sale of products, compare them with the prices at which the goods will be sold in order to determine the potential profitability of the project;

▪ identify the compliance of the company’s personnel and the conditions for motivating their work with the requirements for achieving the set goals;

▪ analyze the material and financial situation of the company and determine whether the material and financial resources correspond to the achievement of the intended goals;

▪ calculate risks and foresee difficulties that may interfere with the implementation of the business plan. Entrepreneur and manager benefits from planning activities the following benefits:

▪ fundamental study by managers of the company's prospects;

▪ implementation of clearer coordination of efforts to achieve the goals;

▪ determination of the company’s performance indicators necessary for monitoring;

▪ stimulating managers to more specifically define goals and ways to achieve them;

▪ preparing the company for sudden changes in the market situation;

▪ formalization of duties and responsibilities of company managers.

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